The China-based streaming-music service already met with its underwriting team this week to discuss the price range for its IPO, but they decided to wait several weeks on worries that the recent market sell-off could weigh on the pricing, The WSJ added.

US market have been hit hard in recent days, with the S&P 500 declining more than 6% so far in October as concerns about rising interest rates and trade tensions weigh. The Dow Jones industrial average shed more than 1,300 points over the last two trading sessions.

And the carnage isn't just limited to the US. China's markets are among the hardest hit, with the benchmark Shanghai Composite, down more than 20% this year and at the lowest level in four years. Tencent Music’s parent company, Tencent Holdings, has dropped more than 20% since releasing its quarterly results on August 15, and has seen $200 billion of market cap wiped out since February.

Tencent Musicoperates several popular music brands in China — including QQ Music, Kugou, Kuwo and WeSing — and had more than 800 million unique monthly active users in the second quarter of 2018, according to a public filing.

For the year ended December 31, 2017, Tencent Music said it earned RMB1.32 billion ($199 million) on revenue of of RMB10.99 billion ($1.66 billion).

The company also said it generated a profit of RMB2.11 billion ($320 million) in the first half of this year, almost three times as much as its RMB732 million profit during the same period in 2017.